Tues. AM TNT News Articles 11-15-22



Jalil Al-Lami: $40 billion..a financial abundance of oil revenues until the end of this year

The economic expert, Jalil Al-Lami, confirmed that the financial abundance achieved from crude oil revenues will reach 40 billion dollars by the end of this year.

He told the National Iraqi News Agency: In light of the financial abundance achieved from the process of exporting crude oil, which may reach (40) billion US dollars by the end of this year (2022), the current government is supposed to invest this financial surplus in the completion of large development projects. To enhance non-oil revenues in order to support the real economy.

He stressed: The growth in the various sectors increases by a doubling rate as the rates of investment in the infrastructure of the economy rise, especially vital sectors such as (electricity, water, transport, communications, education and health).

Al-Sudani and Al-Mandlawi stress the need to expedite the presentation of the budget

Prime Minister Muhammad Shia Al-Sudani and First Deputy Speaker of Parliament Mohsen Al-Mandalawi stressed, on Monday, the need to expedite the submission and approval of the draft general budget law. 

The media office of the First Deputy Speaker of the House of Representatives stated in a statement, “Al-Mandlawi headed a parliamentary delegation that includes members of the Independent Iraq Alliance to meet with the Sudanese today at the government headquarters. The country and activating the broken laws, as well as giving the authorities and regulatory agencies a greater role to carry out their responsibilities in preserving public money and reducing corruption.”


The meeting stressed, according to the statement, “the need to expedite the submission and approval of the draft general budget law, and to rely on scientific competencies in managing the joints of the state to provide tangible results on the ground, achieve economic development and create new job opportunities, in addition to supporting the industrial and agricultural sectors and encouraging investment to activate the private sector       link

Economist: Iraq’s association with the International Monetary Fund prevents resorting to a devaluation of the dollar 1115

The economic expert, Saleh Al-Hamashi, explained that changing the value of the dollar against the dinar is not possible during the current period, especially with Iraq’s link to the International Monetary Fund, as devaluing will lose confidence with this fund. 

Al-Hamashi told Al-Maalouma, “Most politicians are calling and declaring in order to reduce the dollar’s exchange rate against the dinar, while this matter is not possible at the present time due to the existence of international obligations.” 

He added that “there is an agreement with the International Monetary Fund on the current dollar exchange rate, and it is possible that the price will be reduced, but in this case, Iraq will lose the support of this fund as well as international organizations, at a time when the country needs money.” 

And he indicated that “Iraq’s credit rating fell to second place B because of the amounts owed by Iraq, as the country’s link to the IMF gives it the ability to obtain funds through global borrowing, and in sum, violating the decisions of the IMF to reduce the value of the dollar means a loss of confidence between Iraq and this fund.” “.

He stressed that “the government has the ability to find great deals on goods and merchandise to ensure that they reach at appropriate prices to the consumer instead of going towards a reduction and losing confidence between it and the International Monetary Fund.”   link


Deputy Prime Minister: The Ministerial Council of Economy will discuss the budget in the next session

Deputy Prime Minister and Foreign Minister Fouad Hussein confirmed that a large part of the next session of the Ministerial Council for Economy will be devoted to discussing the proposed budget law.

A statement by the Ministry of Foreign Affairs stated, “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired Monday, the first meeting of the Ministerial Council for the Economy, in the presence of the Ministers of Planning, Trade, Agriculture, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the Chairman of the Commission.” National Investment Agency and advisors to the Prime Minister for economic affairs.

He added, “The Deputy Prime Minister welcomed the members of the Council, wishing them success in their work,” stressing the need for the Council to take its real role in drawing up economic policies that would contribute to the development of the economy and development and provide the best services to citizens.

The Deputy Prime Minister confirmed that the Ministerial Council for Economy will devote a large part of the next session to discussing the budget proposal in order to complete it before submitting it to the House of Representatives. The statement continued, “The Council will discuss the items on its agenda and take the appropriate decisions.”

Source: Dinar Recaps


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